Hasil untuk "Capital. Capital investments"

V. Errunza, Etienne Losq

P. Grout

D. Baron

A. Munnell

N. Sicherman, Oded Galor

Roberto Perotti

John Leahy, Toni M. Whited

Bernadette A. Minton, Cathy Schrand

L. Guiso, G. Parigi

I. Rus, M. Lindvall

P. Embrechts, R. Frey, H. Furrer

Mark J. Garmaise

Joel Hasbrouck, Julian Ma, Fahad Saleh et al.

We demonstrate market inefficiency in cryptoasset markets. Our approach examines investments that share a dominant risk factor but differ in their exposure to a secondary risk. We derive equilibrium restrictions that must hold regardless of how investors price either risk. Our empirical results strongly reject these necessary equilibrium restrictions. The rejection implies market inefficiency that cannot be attributed to mispriced risk, suggesting the presence of frictions that impede capital reallocation.

Akcan Balkir

This paper studies the effectiveness and incidence of the renewable energy Production Tax Credit (PTC) and Investment Tax Credit (ITC). I leverage new geographical variation in the 2023 PTC and ITC to test whether renewable energy credits had real economic impacts. Communities with greater tax credits accumulated 32% more renewable energy capital and produced 28% more renewable energy compared to similar counties. These renewable investments had local economic spillovers, increasing county level construction wages by 7%. However, local increases in investment and wages from renewable projects did not improve political support for renewable energy, but rather increased opposition to congressional action on climate change by 2%.

Mario Ayala, Benjamin Vallejo Jiménez

We revisit the classical Merton consumption--investment problem when risky-asset returns are modeled by stochastic differential equations interpreted through a general $α$-integral, interpolating between Itô, Stratonovich, and related conventions. Holding preferences and the investment opportunity set fixed, changing the noise interpretation modifies the effective drift of asset returns in a systematic way. For logarithmic utility and constant volatilities, we derive closed-form optimal policies in a market with $n$ risky assets: optimal consumption remains a fixed fraction of wealth, while optimal portfolio weights are shifted according to $θ_α^\ast = V^{-1}(μ-r\mathbf{1})+α\,V^{-1}\operatorname{diag}(V)\mathbf{1}$, where $V$ is the return covariance matrix and $\operatorname{diag}(V)$ denotes the diagonal matrix with the same diagonal as $V$. In the single-asset case this reduces to $θ_α^\ast=(μ-r)/σ^{2}+α$. We then show that genuinely state-dependent effects arise when asset volatility is driven by a stochastic factor correlated with returns. In this setting, the $α$-interpretation generates an additional drift correction proportional to the instantaneous covariation between factor and return noise. As a canonical example, we analyze a Heston stochastic volatility model, where the resulting optimal risky exposure depends inversely on the current variance level.

Bunthorn Yem, Bunthorn Yem, Tapas R. Dash et al.

This article discusses and analyzes educational disparities perpetuating the out-of-school children issue in Cambodia's primary education through the lens of human capital to offer a context-specific framework for a practical policy action. The article first develops an operational contextualized meaning of the key terminologies of the study such as social disparities, out-of-school children, and human capital. The article utilizes an integrative, narrative review approach, drawing upon the existing literature on the out-of-school issues in Cambodia. The article analyzes the existing strategies and interventions, including the investments in education, through the lens of human capital perspective. In spite of many efforts and subsequent investments in education, educational disparities persist, keeping many children out of school. The complexity of educational disparities in Cambodia necessitates sufficient and targeted investments alongside practical policy actions. The paper significantly contributes to the existing body of knowledge by synthesizing human capital theory with the Cambodian contemporary educational landscape to establish a foundation for practical policy implications and identifies directions for future empirical analysis.

Greg Nini

Hanna Hottenrott, D. Czarnitzki

David G. Sirmon, M. Hitt

A. Akinlo